Solar Panel Cost Guide in Cold Spring, MN (2024 Update)
- Cold Spring Solar Installation Cost: $20,049
- 25-Year Savings: $18,333
- Payback Period: 15.4 Years
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Average Cost of Solar Panels in Cold Spring
We go over average solar pricing in Cold Spring.
In Cold Spring, solar panels cost about 4 per watt on average.The average Cold Spring homeowner needs a 7.1-kilowatt system, which would cost about $20,049 with the federal tax credit, or $28,670 before the 0 tax credit is applied.
How much you pay can be above or below the average in Cold Spring depending on a few factors, such as the type of solar panels you choose and the solar company you hire.Despite the large initial cost, the average Cold Spring homeowner can save around $17,000 on their energy bills over 20 years, which is one of the benefits of solar.
To receive a free quote from a vetted solar company in Cold Spring, you can click the button below.
Solar savings over time in Cold Spring
| Year | Return on Investment |
|---|---|
| 1 years | $-18,770 |
| 3 years | $-16,211 |
| 5 years | $-13,652 |
| 7 years | $-11,093 |
| 9 years | $-8,534 |
| 11 years | $-5,975 |
| 13 years | $-3,417 |
| 15 years | $-858 |
| 17 years | $1,701 |
| 19 years | $4,260 |
| 21 years | $6,819 |
| 23 years | $9,378 |
| 25 years | $11,937 |
Top Solar Installers in Cold Spring
Although you can install solar panels on your own, it requires extra effort and knowledge. That's why almost all homeowners choose to hire a solar panel installer. Since solar panels are exposed to rain, snow, hail and wind, depending on the climate, warranties and repairs from your solar company can help you get the most out of your investment in solar panels by reducing potential costs down the line.
If you're searching for a solar company in Cold Spring, we've organized a list of our top suggestions here:
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Cold Spring
Factors that Affect Solar Panel Costs in Cold Spring
There are several criteria that can play into your solar panel installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the price of a solar system in Cold Spring, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are primarily based on your home’s energy usage, which you can gauge by looking at past electricity bills. Your overall cost can increase by around $4,030 for each additional kilowatt you need.There are a lot of different solar panel brands and the one you choose also changes the cost. Generally speaking, the brands that have better efficiency tend to also be more expensive. Additionally, the type of equipment you want to install can affect your total cost. If you only need panels, your system will be much less expensive than if you also need solar batteries or an electric vehicle charger.
Solar Financing Terms
Most solar companies in Cold Spring have solar loans, which reduce the initial cost of installing a solar system.When considering your overall cost, you should also calculate the interest you’ll pay if you opt for a solar loan. Also, paying more upfront can reduce the total interest paid over time.
Solar Panel Installation Company
Finally, the company you hire to install your solar system can impact your pricing. Cold Spring’s solar companies all have different labor costs and add varying upcharges to equipment. Larger national companies typically have lower costs, but some local companies undercut them by promoting sales and discounts. While the smaller companies might not have access to specific equipment options like Tesla Powerwall batteries or additional services like electric vehicle charger installation, they might be cheaper overall.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.19 | $17,603 | $9,802 | 16.1 years |
| 8 kW | $4.11 | $23,019 | $13,520 | 15.7 years |
| 10 kW | $4.03 | $28,210 | $17,465 | 15.4 years |
| 12 kW | $3.95 | $33,175 | $21,635 | 15.1 years |
| 14 kW | $3.87 | $37,914 | $26,030 | 14.8 years |
| 16 kW | $3.79 | $42,428 | $30,652 | 14.5 years |
| 18 kW | $3.71 | $46,716 | $35,499 | 14.2 years |
| 20 kW | $3.63 | $50,778 | $40,571 | 13.9 years |
How to Save on Solar Panels
There are a lot of solar installers to choose from, all of which offer different warranties, solar panel models and price points. To help you find the right company for you, here are some tips to keep in mind:
- Installation Process: Homeowners should make sure they know how exactly the installation process will go, as well as important factors like the project completion timeline.
- Reputation: Make sure your solar panel installer has a good reputation by verifying it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like EcoWatch.
- Warranty: Warranties that cover defective panels and repairs over a couple decades are the gold standard in the business, and offering such a warranty is one indication of a good company.
- Solar Panel Brands: Not all solar installers carry the same brands of solar panels, so the brand and type of panel you want can play a large role in the company you go with.
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Cold Spring, MN Solar Cost FAQs
How much does it cost to install solar panels in Cold Spring?
This is a hard question to answer precisely, because the cost depends on a few different factors. Broadly speaking, it costs about $20,150 for a 5-kW system and $40,300 for a 10-kW system after the ITC is applied. It will cost more if you want extra solar equipment or higher quality panels, or if you have above-average energy usage. Conversely, you can spend less if you go with a smaller solar panel system or less efficient solar panels.
Is cost the most important thing to think about when buying solar panels?
Cost is without a doubt one of the most important things to keep in mind when buying solar panels, but other important factors include efficiency, durability, and quality.
Is it worth going solar in Cold Spring?
Whether or not solar panels are worth it depends on a variety of factors like local electricity rates and how much direct sunlight your roof gets.
How long do solar panels last in Cold Spring?
On average, solar panels can last about 25 to 30 years. Some even last up to 50 years, but their efficiency decreases by about 0.8% each year. You can choose to replace them sooner if you want to maintain a higher amount of energy production.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.